1. Field of Disclosure
The disclosure generally relates to default payment setting methods, and more particularly to systems and methods for setting a transaction account associated with a consumer as a default payment method for a merchant account on behalf of the consumer.
2. Related Art
Electronic commerce, commonly known as e-commerce, is becoming very popular. The number of e-commerce transactions and average amount per e-commerce transaction are also increasing rapidly. Many merchants, including product retailers, financial service providers, travel operators, departmental stores, online sales portals for example, Amazon, E-bay etc.) and the like, allow consumers to browse through the merchants' product/service catalogue and pay for a desired product/service online via their transaction account. Examples of a transaction account may include, but are not limited to, credit cards, debit cards, pre-paid cards, etc. To make the payment for the desired product/service, the consumer may need to enter transaction account information, such as, transaction account number, name of a transaction account holder, expiration date, payment authorization code etc., on the merchant's website. Some merchants also allow the consumer to save the transaction account information in the consumer's login account so that the consumer may not need to enter the transaction details each time the consumer performs a financial transaction with that merchant.
It is becoming very common for the consumers to own multiple transaction accounts. In such situations, a consumer may need to enter corresponding transaction account information on the login accounts for each merchant separately as one of multiple payment methods. This is a very cumbersome process and may be time consuming. Further, when the consumer has multiple transaction accounts added to her login account, the consumer is presented with a list of transaction accounts and needs to select one of the transaction accounts as payment method for completing the financial transaction, thereby slowing the check-out. In addition, in an event of an update in the transaction account information associated with the consumer, the consumer needs to update the transaction account information in every merchant portal where that transaction account is added as one of the payment methods.
Thus, there is a need for a method, system and/or program for a more efficient technique for setting payment method.